An urgent meeting of the Economic Coordination Committee of the cabinet (ECC) has been called on Thursday (today) to settle the contentious issue of allocation of natural gas to the influential independent…

The Karachi Electric Supply Company (KESC) has requested the National Electric Power Regulatory Authority (NEPRA) to allow the company to raise the power tariff by Rs 1.544 per kilowatt hour (kWh). Through…

LONDON – The Bank of England came no closer to raising interest rates this month as concerns about the strength of the economy outweighed inflation risks, further dimming the chance of a hike before August. Its Monetary Policy Committee split 6-3 again in favour of holding rates at 0.5 percent, minutes of its April 6-7 meeting published on Wednesday showed, saying the medium-term outlook for inflation had not changed enough to alter their view. Although the minutes said the near-term

ISLAMABAD – The Pakistan Army has sought an increase of Rs 81.46 billion in the defence budget in fiscal year 2011-12 against current year allocations in the wake of operation against terrorists in Khyber Pakhtunkhwa and the Tribal Areas. As per details of the defence budget provided by the Defence Ministry to parliament, all three forces had recommended proposals of Rs 5.825 trillion, but the ministry had cut the amount by Rs 59 billion in view of severe economic meltdown and sent

LAHORE – The increase in prices of petroleum products helped vegetable and fruit prices to skyrocket at Sunday Bazaars. Prices of nearly all commodities including onions, potatoes, tomatoes, garlic, ginger, peas, lemon, green chillies, apples, guava, bananas and strawberry increased by Rs 4 to 20 per kilogramme.Vendors said that transporters have increased fares due to which vegetable and fruit prices have also increased. Vendors said that prices of vegetables could increase

KARACHI – The surge in the international oil prices has improved the domestic refinery operating environment by augmenting their Gross Refinery Margins (GRMs), market analysts said on Thursday. The GRMs is a vital gauge for the profitability of oil refinery sector.The analysts opined that gross margins for the refineries in the local market were all set to respond positively to $2.6 per barrel during this month as compared to -$0.4 per barrel in the preceding month.

ISLAMABAD – The National Assembly’s Standing Committee on Defence on Thursday recommended an 18 percent increase in the defence budget for the year of 2011-1012.MNA Haider Ali Shah, a member of the committee, told Pakistan Today that the committee was given a presentation on the budget proposals for the next year, adding that it was briefed that the devaluation of the rupee and the expenditure in operations conducted in Swat, Bajaur and South Waziristan were major reasons for

ISLAMABAD – Farooq Sattar has said that Mutahida Qaumi Movement (MQM) has asked the federal ministers to review the recent hike in POL prices as public is unable to bear this additional burden caused by the high prices of the petroleum products.A delegation of the MQM headed by Dr Farooq Sattar called on the Federal Finance Minister Hafiz Sheikh and Federal Interior Minister Rehman Malik here on Sunday and discussed the matter.Talking to media, federal Finance Minister

KARACHI – A constitutional petition was filed in the Sindh High Court on Friday against the government’s announcement of increase in prices of petroleum products by 10 percent. The petition was filed by Iqbal Haider pleading the court that the Oil and Gas Regulatory Authority (OGRA) be restrained over hiking of petroleum prices and such acts termed illegal and unconstitutional. The petitioner had already filed the petition on that same issue recently but the government took back

LAHORE – With bus owners facing a petroleum price hike of around 10 to 13 per cent from April 1, transporters in Punjab have increased intercity fares by 15 percent immediately. Rising fuel prices are once again enhancing the cost of living, while commuting intra-city and intercity is making people pay more as the transport owners have escalated the air-conditioned buses’ fares from Friday. As per the revised fares list, minimum fare for AC coaches has been set from stop to stop as Rs

LAHORE – Petrol pump owners again resorted to their fleecing techniques by stopping sales on Thursday, as fuel prices are expected to be increased by 10 to 15 percent from midnight, Pakistan Today has learnt. Motorists and motorcyclists were seen searching for petrol from one pump to another. Petrol pumps located in major areas of the city including Model Town, Garden Town, Allama Iqbal Town, Mughalpura, Dharampura, Ghari Shahu and others stopped selling fuel in the evening and hardly